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Beylikduzu – recommended by Global Property Guide experts as a key place to buy in Istanbul
September 28, 2011Article by Ray Withers
A key city in one of the world’s fastest growing economies, Istanbul, Turkey’s economic powerhouse, has been enjoying soaring tourism along with vast internal migration and a youth orientated demography which has propelled the city forward and boosted its property market.
The Global Property Guide, an authoritative source of information on buying overseas property has produced an independent guide to buying property in Istanbul highlighting the city’s strong political situation, strategic location as a gateway between the East and West and historical and geographical beauty as factors that have attributed to Istanbul’s surge in visitors and indeed buy-to-let property investors.
Labelled Eurasia’s rising Tiger by The Wall Street Journal, Turkey’s economy grew 11% year on year in Q1 2011 seeing around $100 billion in foreign investment pour into the nation since Prime Minister Recep Tayyip Erdogan took the stand in 2003 while Turkey’s ‘city of desire’ Istanbul saw a 30.1% increase in tourist revenue in 2011 helping the nation become the 34th richest city by GDP in the world according to data from PriceWaterhouseCoopers.
As tourism continues to accelerate faster than other European countries, the Global Property Guide also highlights that Istanbul has now become the third most visited city in Europe after Paris and London with the rise in popularity landing the city in the spotlight of many property investors from around the world including the UK, USA and Russia, attracted to the projected demand of 2.9 million houses by 2015, low unemployment and undervaluation of the Turkish Lira making property in Istanbul relatively inexpensive compared to other European cities.
Meanwhile, the Daily Telegraph identified Istanbul as one of the 20 best places to buy a second home abroad in July this year and with positive recommendations such as this, the rental market in the city continues to be successful. Yields between 4% and 8% can be achieved while the demand for accommodation continually increases seeing a 25% rise in the last 5 years according to CB Richard Ellis.
Indeed, the growing middle classes and a flourishing international community have made Istanbul a prime buy-to-let market with outlaying suburbs such as Beylikduzu growing in popularity according to The Global Property Guide.
Ray Withers, Director of Turkish property investment experts Property Frontiers comments,
“We at Property Frontiers have recognised the growing potential of Istanbul as a lucrative property investment hub. The western suburb of Beylikduzu is one of the fastest growing areas which present not only one of the best opportunities for investment but cheaper property price tags than the rest of Europe. Its location is perfect, located close to shopping centres and leisure facilities, the area affords three universities and plenty of green spaces as well as excellent transport options including trains and the Metro bus which runs through the suburb making it easily accessible from the city centre.
”Due to its popularity Beylikduzu is expanding rapidly with the population expected to increase fivefold to 1 million residents by 2016. At present there is an acute shortage of rental properties and it is exactly this lack of supply and growing demand which investors can capitalize on by investing in our new key ready development, Kensington Residence.”
Available £17,250 below comparable projects in the area, the spacious 1 and 2 bedroom luxurious modern apartments of Kensington Residence located in the heart of Beylikduzu will present tremendously good value for money with an investment of only £17,325 required for a 1 bedroom and £30,450 for a 2 bedroom apartment based on the investor utilising 70% LTV finance.
The finance is available for EU and North American citizens while investors can enjoy an immediate and guaranteed rental income at 7% for 2 years, the perfect opportunity to capitalise on the positive growth and ever growing popularity of the nation.
For more information about Kensington Residence please contact the experts Property Frontiers today on +44 (0) 1865 202 700 and to obtain your free guide to buying in Istanbul from Global Property Guide please visit http://downloads.globalpropertyguide.com/Istanbul.aspx.